Property owners are tasked with giving tenants a comfortable and safe place to live, but keeping a rental unit warm in the winter and cool in the summer can be costly. Even if property owners are passing on the cost of utilities to their tenants, keeping costs under control by employing energy-saving methods can attract the best renters. These tips and the information found below about the benefits of insulating a rental property can help property owners understand why the cost of adding insulation to their property is a good investment.
Cutting Down on Heating Costs
Heating bills can skyrocket for rental properties that are located in the coldest regions of the country. Particularly cold winters have sent heating bills through the roof, and many property owners are left paying thousands of dollars just to keep their tenants safe from the cold. While insulation does not create heat, it does prevent the heat that is in a home from escaping. Instead of letting the heating system's work go to waste, heat is circulated throughout the rental property.
Keeping Cooling Costs Under Control
While air conditioning is typically considered a luxury rather than a requirement, offering tenants air conditioning is a good way to attract people who can afford and are interested in added touches. In regions with exceptionally hot weather, air conditioning offers protection to the elderly and children. As with heating, insulation is able to keep the conditioned air inside of a property instead of letting it seep outside.
Attracting Better Tenants
One of the biggest benefits outside of cost savings when it comes to insulation is attracting the best tenants to a rental property. The fact that less energy is used when insulation is beefed up means that a property with added insulation is friendlier to the environment. Tenants who are concerned about their impact on the environment may be more inclined to rent or even pay a premium price to live in a more green building.
Tenants who are more aware of their budget may also be attracted to a rental property that has been insulated to cut down on heating and cooling costs. Many property owners choose to have their tenants pay for heating and cooling, and boasting an efficient property design that manages to keep a home more uniformly comfortable throughout the winter and summer is more likely to get a property rented out more quickly.
Keeping Insulation Costs Down
Adding insulation to a rental property can be a costly endeavor, but it is not one that has to break the bank. Starting with small changes is best, especially if the property is currently being rented out. Using caulk to seal up holes when adding insulation will help to prevent air from escaping or getting into the rental property.
Insulation is best added to basements, crawlspaces and attics. These are the areas of a rental property that are most likely to allow conditioned air to escape from the building, so landlords who have limited means should focus on these areas first.
Insulating a rental property is a great way to keep down utility costs while attracting the best tenants. Insulating targeted areas throughout a property is the best way to keep the project cost effective, and finishing up by sealing up air leaks will help to maximize the benefits of insulating a rental property.
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